The Allocation of Talent and U.S. Economic Growth

We are grateful to Raquel Fernandez, Kevin Murphy, and seminar participants at Boston College, Boston University, Brown, Chicago, Columbia, CREI, Duke, Harvard, LSE, Michigan, MIT, an NBER EFG meeting, Penn, Princeton, Stanford, Toronto, UBC, UCLA, USC and Yale for helpful comments, and to Huiyu Li and Gabriel Ulyssea for excellent research assistance. Hsieh and Hurst acknowledge support from the University of Chicago's Booth School of Business, and Klenow from the Stanford Institute for Economic Policy Research. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.